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Table 3: Effects of Consolidation Activity
(CA) and Local Community Bank (CB) Market Share on Small Business Loan
(SBL) Growth in Urban Markets: 1994-1997 Effects on small business loan (SBL) growth
and its decompositions into SBL growth under and over $100,000 and CRE
versus C&I SBL. Estimated coefficients and standard errors (reported in parentheses).
| |
A. Overall Consolidation Activity |
B. Specific Types of Consolidation Activity |
| Total SBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
TotalSBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
| Full sample (292 markets) |
| Overall CA |
-0.233 *** |
-0.097 *** |
-0.136*** |
-0.099*** |
-0.134*** |
|
| (0.048) |
(0.033) |
(0.044) |
(0.030) |
(0.032) |
|
| Within-mkt CA |
|
-0.044 |
-0.047 |
0.002 |
-0.003 |
-0.042 |
| |
(0.107) |
(0.075) |
(0.097) |
(0.067) |
(0.070) |
| Big acq big CA |
|
-0.301*** |
-0.078* |
-0.223*** |
-0.118*** |
-0.183*** |
| |
(0.063) |
(0.045) |
(0.058) |
(0.040) |
(0.041) |
| Big acq CB CA |
|
-0.105 |
-0.120* |
0.015 |
-0.071 |
-0.033 |
| |
(0.092) |
(0.064) |
(0.083) |
(0.058) |
(0.060) |
| CB CA |
|
0.309* |
0.180 |
0.129 |
0.040 |
0.269>** |
| |
(0.182) |
(0.128) |
(0.166) |
(0.115) |
(0.119) |
| CB SBL mkt share |
0.051 |
0.013 |
0.038 |
0.027 |
0.024 |
-0.001 |
0.012 |
-0.013 |
0.013 |
-0.014 |
| (0.040) |
(0.027) |
(0.036) |
(0.025) |
(0.026) |
(0.043) |
(0.030) |
(0.039) |
(0.027) |
(0.028) |
| High Herfendahl subsample (98 markets) |
| Overall CA |
-0.295*** |
-0.157** |
-0.138* |
-0.164*** |
-0.131*** |
|
| (0.087) |
(0.062) |
(0.076) |
(0.055) |
(0.048) |
|
| Within-mkt CA |
|
-0.197 |
-0.073 |
-0.124 |
-0.058 |
-0.139 |
| |
(0.209) |
(0.154) |
(0.183) |
(0.137) |
(0.116) |
| Big acq big CA |
|
-0.393*** |
-0.090 |
-0.302*** |
-0.231*** |
-0.162*** |
| |
(0.110) |
(0.080) |
(0.096) |
(0.072) |
(0.061) |
| Big acq CB CA |
|
0.000 |
-0.239* |
0.239 |
-0.012 |
0.012 |
| |
(0.166) |
(0.122) |
(0.145) |
(0.109) |
(0.092) |
| CB CA |
0.627* |
0.543* |
0.084 |
0.192 |
0.435** |
| |
(0.371) |
(0.273) |
(0.324) |
(0.243) |
(0.205) |
| CB SBL mkt share |
0.009 |
0.048 |
-0.039 |
0.057 |
-0.048 |
-0.054 |
0.073 |
-0.126* |
0.020 |
-0.074* |
| (0.079) |
(0.056) |
(0.069) |
(0.050) |
(0.044) |
(0.080) |
(0.059) |
(0.070) |
(0.053) |
(0.044) |
| Low Herfendahl subsample (194 markets) |
| Overall CA |
-0.155** |
-0.082* |
-0.073 |
-0.039 |
-0.116*** |
|
| (0.060) |
(0.043) |
(0.054) |
(0.036) |
(0.044) |
|
| Within-mkt CA |
|
-0.009 |
-0.032 |
0.023 |
0.005 |
-0.014 |
| |
(0.121) |
(0.086) |
(0.110) |
(0.074) |
(0.089) |
| Big acq big CA |
|
-0.195** |
-0.126** |
-0.070 |
-0.034 |
-0.161*** |
| |
(0.081) |
(0.058) |
(0.074) |
(0.050) |
(0.059) |
| Big acq CB CA |
|
-0.088 |
0.045 |
-0.133 |
-0.050 |
-0.037 |
| |
(0.122) |
(0.086) |
(0.111) |
(0.075) |
(0.089) |
| CB CA |
|
0.040 |
-0.034 |
0.075 |
-0.067 |
0.107 |
| |
(0.206) |
(0.146) |
(0.188) |
(0.127) |
(0.151) |
| CB SBL mkt share |
0.088* |
-0.014 |
0.102** |
0.013 |
0.075** |
0.059 |
-0.038 |
0.097** |
0.017 |
0.042 |
|
(0.045) |
(0.032) |
(0.041) |
(0.027) |
(0.033) |
(0.051) |
(0.036) |
(0.046) |
(0.031) |
(0.037) |
| Low CB share subsample (154 markets) |
| Overall CA |
-0.331*** |
-0.060 |
-0.271*** |
-0.144*** |
-0.187*** |
|
| (0.071) |
(0.041) |
(0.057) |
(0.042) |
(0.043) |
|
| Within-mkt CA |
|
-0.120 |
0.011 |
-0.131 |
0.067 |
-0.187** |
| |
(0.155) |
(0.091) |
(0.126) |
(0.092) |
(0.094) |
| Big acq big CA |
|
-0.329*** |
-0.071 |
-0.257*** |
-0.165*** |
-0.163*** |
| |
(0.080) |
(0.047) |
(0.066) |
(0.048) |
(0.049) |
| Big acq CB CA |
|
0.047 |
0.047 |
0.001 |
-0.119 |
0.167 |
| |
(0.295) |
(0.174) |
(0.241) |
(0.175) |
(0.180) |
| CB CA |
|
0.602* |
0.248 |
0.353 |
0.407** |
0.195 |
| |
(0.320) |
(0.189) |
(0.261) |
(0.190) |
(0.195) |
| CB SBL mkt share |
-0.012 |
-0.011 |
0.000 |
0.022 |
-0.034 |
-0.157 |
-0.061 |
-0.096 |
-0.051 |
-0.106 |
| (0.128) |
(0.074) |
(0.104) |
(0.076) |
(0.078) |
(0.134) |
(0.079) |
(0.109) |
(0.079) |
(0.081) |
| High CB share subsample (138 markets) |
| All CA |
-0.071 |
-0.112* |
0.041 |
-0.029 |
-0.042 |
|
| (0.071) |
(0.059) |
(0.071) |
(0.048) |
(0.049) |
|
| Within-mkt CA |
|
0.103 |
-0.149 |
0.251 |
-0.030 |
0.133 |
| |
(0.167) |
(0.137) |
(0.166) |
(0.113) |
(0.113) |
| Big acq big CA |
|
-0.177 |
-0.056 |
-0.121 |
0.005 |
-0.182** |
| |
(0.121) |
(0.100) |
(0.121) |
(0.082) |
(0.082) |
| Big acq CB CA |
|
-0.107 |
-0.096 |
-0.011 |
-0.022 |
-0.085 |
| |
(0.114) |
(0.094) |
(0.113) |
(0.077) |
(0.077) |
| CB CA |
|
0.155 |
0.250 |
-0.095 |
-0.085 |
0.240 |
| |
(0.248) |
(0.204) |
(0.247) |
(0.168) |
(0.168) |
| CB SBL mkt share |
0.144* |
0.108 |
0.036 |
0.078 |
0.066 |
0.105 |
0.096 |
0.008 |
0.089 |
0.015 |
| (0.083) |
(0.069) |
(0.083) |
(0.056) |
(0.058) |
(0.087) |
(0.072) |
(0.087) |
(0.059) |
(0.059) |
Memo items: 65 markets are both high Herfendahl and low CB share. 105 markets are both low Herfendahl and high CB share.
Note: All regressions include the full set of banking and economic control variables summarized in table 2.1. *, **, *** indicate significance levels of 10%, 5%, and 1%, respectively.
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